While many people will speak to a mortgage
broker before buying a home, few people call a mortgage broker before selling a
home. Calling could save you thousands
of dollars and many sleepless nights.
Why?
Brokers understand mortgages and ask the right questions. How long do
you have remaining in your present mortgage? Do you know if it’s portable to a
new property? Have you heard of increase and blend? A mortgage broker can help you to anticipate
a penalty to break your present mortgage and see if porting or taking your
mortgage to your new property is a good idea. Need more money? Blend and
Increase will allow you to increase your mortgage amount and blend the old rate
with the present day rate and save you thousands in penalties.
If you are at the stage in life where you
have children leaving for university and you are down-sizing, perhaps a line of
credit might be useful for helping to pay tuition and dorm fees.
While you may like your home it may need a
new roof. Most home buyers do not want a
fixer-upper and will discount your selling price to account for this. It may be
easier to get the price you want and sell faster if you replace the roof,
furnace or whatever is old yourself. The problem is that you are saving money
for a down payment. Your mortgage broker can come to the rescue with a line of
credit, either secured or unsecured which can be paid out with the home sale.
Remember, calling your mortgage broker
before buying is a no-brainer but why not call them before you sell.
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